US Jobless Claims Hit Pandemic-Low for Third Straight Week

Source: Department of Labor

American unemployment claims fell further to mark the lowest level since the COVID-19 pandemic hit for the third straight week.

• Seasonally adjusted initial claims for the week ending October 23 fell by 10,000 to 281,000 from 291,000 the previous week.
• The latest reading is the lowest for initial claims since March 14, 2020, when the level stood at 256,000.
• The four-week moving average fell by 20,750 to 299,250 from the previous week’s 320,000. This is the lowest four-week average since March 14, 2020’s 299,250.
• The insured unemployment rate for the week ending October 16 decreased by 0.1 percentage points to 1.7%.
• Insured unemployment was recorded at 2.243 million, down 237,000 from 2.480 million the previous week.
• This is also the lowest level for insured unemployment since March 14, 2020’s 1.770 million.
• The biggest increases for the week were in California, Tennessee, Florida, Georgia, and Illinois.
• The largest declines were in Virginia, Michigan, Pennsylvania, Kentucky, and Ohio.